• Inside Labour

    Away with empty rhetoric and slogans - labour needs to focus on real issues, says Terry Bell.

  • Wrap-up: Davos insights

    Alec Hogg speaks about the top three issues at this year's World Economic Forum.

  • Netflix and SA video

    Much of Netflix's potential impact on SA has already been made, says Arthur Goldstuck.

Loading...
See More

Litha to acquire Goldex

May 03 2011 17:57 I-Net Bridge

Company Data

LITHA HEALTHCARE GROUP LIMITED [JSE:LHG]

Last traded 0
Change 0,03
% Change 0
Cumulative volume 123776
Market cap 1.54bn

Last Updated: 30-01-2015 at 04:05. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Litha earnings up after acquisition

Litha posts healthy earnings rise

Litha Healthcare acquires balance of shares

Litha Healthcare ups revenues

Litha extends global reach

Life Healthcare lists on JSE

 
Johannesburg - Litha Healthcare Group [JSE:LHG] said on Tuesday that it had signed an agreement to acquire Goldex Healthcare, a Durban-based pharmaceutical company, in a deal that would result in the company rapidly expanding its pharmaceutical pipeline.

Formerly Myriad Medical Holding, Litha said that the cash deal would see it obtain a 100% share in the company, for a total value of R33m, funded through internally generated cash.

Goldex manufactures and distributes its own pharmaceutical products, and is an exclusive distributor for Unichem Laboratories, an Indian multinational.

By acquiring and integrating the Goldex product range, the Litha Healthcare Group said it would build scale and secure product pipelines for its Litha Pharma Division.

The company's products comprise prescription and over-the-counter medicines.

Goldex Healthcare promotes products including Sinustat and its product line holds 32 active pharmaceutical products that include mainly generics. It said it also had a number of products awaiting registration at the Medicines Control Council.

"Realising the need for continuity, Litha and Goldex Healthcare have agreed to an eight-month handover period until December this year. Thereafter, Litha Group will transfer the Goldex business to our headquarters in Johannesburg. We anticipate that the longer handover period will ensure a smooth transition of the Goldex business into the Litha Group," said Selwyn Kahanovitz, group CEO for the Litha Healthcare Group.

According to Litha, Goldex had experienced considerable growth and success in the generic pharmaceutical sector in southern Africa over the past three years. Part of this growth was due to its strong relationship with Unichem India. 
litha healthcare group

NEXT ON FIN24X

 

Latest Articles

Fun and inexpensive things to do with the kids Read More...
8 simple ways to earn extra money Read More...
6 motivational tips to help you save this year Read More...
Invest for Income Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...